Tag Archives: Estate Planning

3 Reasons to go for Estate Planning

Elderly man talking to attorney

Elderly man talking to attorneyNo one truly wants to face their mortality. However, for transitions to flow more smoothly and for everything to be clear, it’s essential to plan carefully. While many people opt to do this for themselves, it’s better to hire a competent estate planning attorney such as in Denver. Not only can they provide legal guidance and support through the process, but they also ensure that everything is on-point. These are three specific advantages to estate planning.

Peace all around

Money or the promise of it can change people in many ways—not all of it pleasant. That’s a genuine possibility when talking about a loved one’s estate. Nothing is more tragic than seeing a family fighting over property and money—but it happens. With a proper estate plan, you forego these potential squabbles because you can legally assign who will handle your estate and its dispersion. This guarantees a measure of control.

Avoid probate

Ask an excellent estate planning attorney, and they’ll tell you that probate can be very lengthy, costly, and messy. This is the process of settling and distributing your assets based on provisions of your will. A way to avoid probate is to set up a trust or even a joint ownership—this allows for settlements outside of probate court. Setting up that kind of arrangement legally is one of the benefits of doing careful estate planning.

Reduce taxes

Finally, another challenge of estate distribution comes from the often massive estate tax levies against it. You can plan ahead by transferring certain assets to your intended heirs in trust. This way you lower the tax burden on them as much as possible. Without a solid estate plan in place, you might burden your heirs with exorbitantly high estate taxes that they might struggle to pay. Better to plan ahead and prepare them well.

Estate planning is a smart way to prepare for your mortality. It protects you, your heirs, and your assets and ensures smoother transitions in your passing.

When It Makes Sense to Start Estate Planning

Couples consulting with an estate agentYour family is one, if not the most important part of your life. You hold your spouse and your children, as well as your other loved ones, so close to your heart. You want to make sure they live comfortably even when you’re no longer physically with them. As such, you will do everything to ensure a bright future for them.

Well, it’s never too early to start drafting a will and carry out the plans for your estate. You never know what can happen later today, tomorrow, or anytime in the future, so it’s best to prepare now for the unforeseen. An experienced lawyer can help you with estate planning in Townsville.

Ensuring that your assets go to the right people

Property owners need a will so that they can make sure their assets go to the specific individuals they want to. The will dictate what will happen to the properties, so without it, problems are sure to arise.

The asset transfer process

Another reason to start your estate planning early is for you to enjoy tax advantages whilst allowing your loved ones to use what you’ve given them early on. You can do so by transferring some of your assets while you are still alive. For instance, you have another real estate property that you rarely use. You can transfer the ownership to your child who already has a family, thereby allowing them to have a home while you can focus on enjoying your retirement.

Vital factor in estate planning

As you plan what happens to your estate, it is important you have in-depth knowledge of everything you own. From your personal property to investment assets, knowing all of them can ensure that they go to someone who can use and manage them when you are gone.

Do not wait until it is too late for you and your loved ones. As early as now, consider speaking with professionals who can assist you when it comes to your will and estate.

Estate Planning: Why Do You Need It?

Estate Planning

Estate PlanningBuilding an estate to bequeath to loved ones is the ultimate goal of many — if not all — responsible adults over the course of their life. It is, however, common for people to amass wealth and yet forget to instate a plan by which their wealth shall be handled in the case of their passing. Some consider death as taboo; some are just simply scared of the thought of planning one’s passing.

Nonetheless, estate planning is always a good idea. As the Utah estate planning attorney of ChristensenYoungLaw.com notes, “An estate plan provides more than the distribution of wealth and will provide peace of mind.”

Here are a few reasons that make it so:

  1. Death is a certainty that comes at an uncertain time.

Tomorrow is an uncertainty. The phrase, “I’ll do it tomorrow” is so common that some people say it with such confidence, as if it were inevitable. The fact of the matter is that no one knows when their time on this earth will come.

  1. Your possessions go exactly where you want them to go.

By planning your own estate, you can entrust your wealth however you please to whomever you want, which brings us to the third reason.

  1. Your loved ones can avoid unnecessary anxiety, confusion, and stress.

After the death of a loved one, family members need to deal with plenty of arrangements, along with the devastating grief and sorrow. By sorting out the distribution of your assets before your time comes, you are helping your loved ones with the process of moving on.

Many estate-planning tools out there can help you prepare for the future. If you want to start estate planning today, talk to estate planning attorneys today. As they say, it is never too early to plan for what may come later on.

What is Included in my Estate?

Estate Planning

Estate PlanningVarious types of properties pass the hands of an ordinary citizen. During his lifetime, a capable, hard working person would have invested in a lot of properties for his use and for the benefit of his family. Colorado estate planning lawyers advise that you keep track of your properties, no matter its size, for an effective estate planning.

Here are the properties to track.

  1. Liquid Assets

Your liquid assets include all the money you have in your accounts. No matter the type of account, whether it be current or savings or foreign currency accounts, these are all included. However, trusts are different matters as they are classified under interests and requires a different type of processing.

  1. Property Assets

Your property assets include real properties, real estate properties as well as your movable properties. When we speak of real and real estate properties, these are lands and buildings as well as machineries that adhere to the soil as part of a structure or a building. Movable properties on the other hand include furniture, fixture and even motor vehicles registered under your name.

  1. Interests

According to Miller & Steiert, P.C., interests come in different forms. Interests may be in the form of investments such as stocks, securities as well as trusts for your benefit and the benefit of others. Trusts are different matters in its entirety, which is why you will have to hire the services of seasoned Colorado estate planning lawyers to make sure that it is properly claimed and protected.

  1. Liabilities

Liabilities are also included because you have to create an honest and complete computation of all your properties. You have to be realistic with your computations.

  1. Inheritance

Future inheritance should not be included because as long as the title has not yet passed to you, it is a mere expectation.

Consider all these properties and create a close account of your assets. Make it as accurate as possible and consult with your lawyer about the best course of action.